Hong Kong Monetary Authority warns public against unauthorized banking entity
The Hong Kong Monetary Authority (HKMA) has issued an alert regarding 'International Private Banking Hong Kong,' stating the entity is not authorized to conduct banking business or take deposits in Hong Kong. It also lacks approval to establish a local representative office under the Banking Ordinance.
Unlicensed Banking Activities
The Hong Kong Monetary Authority explicitly stated that 'International Private Banking Hong Kong,' as identified on its website, lacks the necessary authorization under the Banking Ordinance.
This means the entity is not permitted to conduct banking business or solicit deposits from the public within Hong Kong.
Furthermore, the HKMA confirmed that the entity has not received approval to establish a local representative office, as required by the Ordinance.
Verifying Financial Institutions
Given the global reach of the internet, the HKMA advises the public to verify the regulatory status of any organization offering bank accounts or soliciting deposits before transferring funds or providing personal information.
A list of authorized institutions is available on the HKMA's official website.
The public can also contact the HKMA's public enquiry service via email for verification.
A Constant Vigilance
Such alerts highlight the persistent challenge regulators face in safeguarding financial integrity amidst evolving digital threats.
While the HKMA provides clear guidance, the onus remains on individuals to exercise due diligence.
This ongoing need for public vigilance underscores the dynamic nature of financial crime and consumer protection efforts.